Competitive supply of durable goods under stochastic fluctuation in stock
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This paper presents a theoretical model in which the stock growth rate of durable goods has stochastic fluctuation over time. It concludes that a social planner increases the expected percentage rate of production since uncertainty increases the user cost from consumer’s point view.
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competitive supply of durable goods under stochastic fluctuation in stock
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full textOnline Appendix – Durable Goods Monopoly with Stochastic Costs
The proof of Theorem 2 is organized as follows. First, I show that the lower bound L(x, q) (i.e., the value function of the optimal stopping problem (15)) is well defined for all q ∈ [0, 1]. Then I show that the monopolist's equilibrium profits are equal to L(x, q) for all states (x, q).
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Journal title
volume 4 issue 4
pages 1- 8
publication date 2000-04-01
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